FAQ - Frequently asked questions

3. How will digital currency affect daily life in the US and around the world?

4. Why should I use EMC2 currency and how is it different from other currencies?

5. How is EMC2 and Einsteinium helping entrepreneurs?

6. What benefits can I get from joining the EMC2 crowd funding platform?

7. How do I convert my EMC2 currency into US dollars or other currencies?

8. Where is the whitepaper for Einsteinium located?

9. The market cap of Einsteinium is millions of dollars, why can't you afford to hire a huge staff?

1. What are the benefits of digital currency?

Digital currency has many benefits to fiat (sovereign) currency, mainly thanks to its underlying technology, blockchain. Blockchain is an online distributed ledger which uses cryptographic open source code to securitize the network. This creates an immutable, trustless system, which allows anyone in the world to see all the transactions on the network, in real time without the possibility of the accounting being compromised.

2. How long has digital currency existed?

The concept of digital currency has been around since 1983 when David Chaum first introduced the idea. Securitizing it through cryptography was later discussed by many, but the idea did not come to fruition until 2008 when a whitepaper written by the pseudonymous Satoshi Nakamoto described the Bitcoin protocol. Since then, hundreds of "cryptocurrencies" have been created.

3. How will digital currency affect daily life in the US and around the world?

This is a great question and one we are looking forward to help answer through our work. We believe that this technology will be implemented into all facets of economy. The advantages of having a distributed network are overwhelming and that is why companies and institutions all over the world are experimenting with blockchain. Eventually, we believe that these currencies will fuel the eco-system. Studies have shown that localized currencies help create thriving economies, and integrating systems of trust will sustain confidence in the value the currency holds.

4. Why should I use EMC2 currency and how is it different from other currencies?

EMC2 was specifically designed to help organize a global effort to fund scientific research. We believe that the use of cryptocurrency provides more transparency, is faster and less expensive to use than traditional currencies. This makes it the perfect tool to help provide financing to philanthropic causes. EMC2 was a fork of the Litecoin network which makes it one of the fastest and least expensive transactional currencies that exist. We are exploring new features to enchance EMC2, such as the Lightning Network, and something we call zero-risk. Both of these features will be embedded in the code of EMC2 once we are fully confident in their functionality.

5. How is EMC2 and Einsteinium helping entrepreneurs?

We are currently looking into partnerships as well as developing a crowd funding platform that will allow more and more great projects to get the funding they desperately need. Additionally, we encourage anyone who believes in this project to design tools which utilize the unique properties of EMC2 to help fuel the economy. One such example of this is Weeee cash, a new mobile payment wallet, similar to Venmo, which allows individuals from all over the world to quickly and securely send and receive EMC2.

6. What benefits can I get from joining the EMC2 crowd funding platform?

Firstly, the crowd funding platform is currently in development. Upon its release, there are benefits for both community members and those looking for project funding. The community members (those who own EMC2 coins) will have special privileges concerning the visibility each project gets and will also be allowed voting rights for our annual Einsteinium Awards, which will donate grant money each year to the winning applicant. For project organizers, the platform will be an opportunity to connect you with our community, allowing you to receive funds from those who want to support your project.

7. How do I convert my EMC2 currency into US dollars or other currencies?

Right now, EMC2 is only exchangeable for Bitcoin on major exchanges such as UpBit, Bittrex and Poloniex. We hope to provide direct US dollar and other fiat currency exchange very soon.

8. Where is the whitepaper for Einsteinium located?

As Einsteinium was a fork of a pre-existing network, there was never a need to create a whitepaper. In fact, Litecoin itself does not have one! We feel this is a trend that most new companies who are launching an ICO (Initial coin offering) use as a tool to sell their coin to investors and as a way to emulate Bitcoin. EMC2, like Bitcoin or Litecoin is a pure cryptocurrency, and not a token. The coin has since its inception, been a mineable coin that anyone in the world can create through this process. We are, however, working on developing new features to the network. Once this work is complete, we will be drafting a whitepaper to describe the new changes to the protocol.

9. The market cap of Einsteinium is millions of dollars, why can't you afford to hire a huge staff?

We often hear versions of this question. It is a common mistake to confuse the market cap of a currency with that of a business. Currencies are evenly distributed amongst people all over the world. This figure does not represent the foundation's value, but rather the collective value of all of the EMC2 coins in the world. While we do have some small holdings of EMC2, the Foundation members do not receive payment for their work. Our job is simply to maintain and grow the network, and as custodians to the community wallet which contains funds for scientific research grants.